Toronto’s O3 Mining Inc. (TSX-V: OIII) (OTCQX: OIIIF) has reported high-grade intercepts from its Marban project in Val-d’Or, Quebec.
On Tuesday, the company announced results from its winter drill program completed in March, the most significant of which was 5.9 g/t of gold over 10.1 metres including 53.2 g/t over one metre.
The company reported results from nine drill holes over a one-kilometre stretch in the south eastern portion of the O3’s Malartic H deposit. Additional results include the following:
- O3MA-22-474: 2.6 g/t Au over 6.9 metres at a vertical depth of 98 metres
- O3MA-22-477: 3.5 g/t Au over 7.5 metres at a vertical depth of 247 metres
- O3MA-23-469: 2.4 g/t Au over 4.3 metres at a vertical depth of nine metres
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Drill results are promising for the mine’s future
O3 expects to have assay results from the central portion of the deposit in the coming weeks and should be able to release a maiden mineral resource estimate by the end of Q2 this year.
“These new assay results from our 2023 winter drill program substantiate the presence of thick mineralized zones at Malartic H as previously highlighted by historical drilling,” said O3’s President and CEO José Vizquerra.
“We are looking forward to receiving the remaining assay results from the core samples extracted from the Malartic H deposit,” he added.
The Malartic H deposit stretches across a known distance of 600 metres, with a width of 300 metres extending vertically to a depth of 500 metres. The mineralized system is partially accessible along its horizontal axis and it remains entirely open at depth.
The exploration program at Marban this year will span 24,800 metres and the winter drill program consisted of 23 drill holes in total.
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As of this month, O3 Mining has a market capitalization of $119.4 million, $37.3 million invested and $9.8 million in cash. Osisko Mining Inc. (TSX: OSK) has a 21.2 per cent interest in the company.
O3 Mining is also the largest shareholder of Ontario’s Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) with a 24.2 per cent stake.
Other gold producers with operations in Val-d’Or include Wesdome Gold Mines Ltd. (TSX: WDO), which declared commercial production at its Kiena Gold Mine there in December last year and Eldorado Gold Corporation (TSX: ELD), which owns the Lamaque underground mining operation in Val-d’Or that entered commercial production in March, 2019.
O3’s shares rose by 0.62 per cent Tuesday to $1.61 on the TSX Venture Exchange.